Mumbai, Aug 3 (IANS): Edtech platform upGrad on Tuesday said it has acquired global firm KnowledgeHut for an undisclosed sum.
KnowledgeHut, an upGrad Company, expects to cross Rs 300 crore in revenue next year, 65 per cent of which will be from countries across North America, Middle East and South-East Asia.
The move comes within weeks of upGrad earmarking $250 million for mergers & acquisitions to drive non-linear growth for the next seven to nine months, the company said in a statement.
"With KnowledgeHut on board, our focus on being an integrated ‘LifeLongLearning' partner for powering career success for the global 1 billion workforce just got stronger. KnowledgeHut's presence in over 70 countries will further upGrad's ambition of liberalising quality online education around the world," said Ronnie Screwvala, upGrad Chairperson and Co-Founder.
Founded by Subramanyam Reddy in 2011, KnowledgeHut has trained over 2,50,000 professionals and empowered over 500 enterprises to build the skills that drive results, with a product offering of over 200 courses across in-demand areas.
"Given our position in global markets, this synergy with upGrad will further strengthen and support that vision. The acquisition paves the way for upGrad to empower B2B customer segments across geographies including the United States and the Asia Pacific," said Reddy.
KnowledgeHut will offer learners a scalable and immersive learning model through its next-gen flagship learning experience platform, PRISM.
Post-acquisition, KnowledgeHut will operate as a wholly-owned subsidiary of upGrad. Reddy will be at the helm in his new role as the CEO.